National Telescope national telescope newspaper
By Ekpenyong Emmanuel
In a move that is being hailed as a major victory for President Bola Tinubu’s economic reforms, the Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.
This marks the second price cut by the national oil company within two weeks, following a reduction from N1,060 to N1,030 per litre, as competition with Dangote Refinery’s products intensified.
The price adjustment has been welcomed by motorists, who are expressing hope for further reductions. Visits to NNPC retail outlets in the Central Area and Nyanya suburb of the nation’s capital confirmed that the new rates are now in effect.
Mr. Adamu Shuaibu, a commercial driver operating on the Nyanya-Zuba route, said: “I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”
Similarly, Mr. Taofeek Adetunji, a private car owner, commended the development, linking it to ongoing economic reforms by President Tinubu. “When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”
Both drivers urged the Federal Government to sustain efforts to make petrol more affordable, citing the positive impact it would have on the overall economy. The reduction in petrol price is expected to have a ripple effect on the prices of other goods and services, bringing relief to Nigerians who have been struggling with high costs of living.
The development is seen as a major achievement for President Tinubu’s administration, which has been working to implement economic reforms aimed at reducing the cost of living and improving the overall economy. The reduction in petrol price is a clear indication that the reforms are yielding results, and Nigerians are eagerly awaiting further positive developments.
